Global retail markets are being forced into tremendous change to survive and this is evident in the United States more than anywhere else. Media and Wall Street analysts continue to highlight that a new paradigm is impacting the retail market.
A Fortune Magazine article stated “Can America's Department Stores Survive? “ The Atlantic Monthly stated “From rural strip-malls to Manhattan's avenues, it has been a disastrous two years for retail.” Recently, Amazon threw down the gauntlet and announced their intention to integrate the traditional bricks and mortar grocery vertical via their announced $13.7B bid for upscale grocer Whole Foods Inc.
Today, Amazon's capitalization outweighs the entire European retail sector combined. The financial markets and the consumer are demanding that traditional based retailers need to make significant changes to survive.
The industry has become focused on Omni-Channel, and within that movement a key foundation to accomplishing it resides in the integration of payments as part of the strategy. Lusis, a payment specialist provides key elements to enable this need. In simple terms the retail industry has to unify their customer experiences across all channels in order to provide a highly personalized experience. A significant key to that accomplishment is an IT architecture that enables these goals.
A retailer's ability to deliver a true Omni-Channel experience is dependent on the evolution of the current operating models. However, what is possible to deliver is dependent on the foundation of their IT environment and what it is capable of. Old solutions are costly and slow to enhance and adapt. A modern micro-service payment architecture like the Lusis Tango product can keep pace and easily adapt to today's challenges.